|
Dependent variable |
Regressor |
Cointegration* |
Dependent variable |
Regressor |
Cointegration* |
||
|
INWHIM |
= |
WRWHRP |
|
INMZWS |
= |
WRMZRP |
|
| |
|
1.06 |
-0.49 |
|
|
0.55 |
-0.92 |
| |
|
2.38 |
-2.47 |
|
|
5.18 |
-4.22 |
| |
|
|
|
|
|
|
|
|
INWHPR |
= |
WRWHRP |
|
INMZRT |
= |
WRMZRP |
|
| |
|
0.25 |
-0.89 |
|
|
0.51 |
-0.69 |
| |
|
3.20 |
-5.09 |
|
|
3.23 |
-3.23 |
| |
|
|
|
|
|
|
|
|
INWHPF |
= |
WRWHRP |
|
INCSPR |
= |
WRCSRP |
|
| |
|
0.48 |
-0.37 |
|
|
0.25 |
-0.30 |
| |
|
4.31 |
-1.73 |
|
|
1.90 |
-1.62 |
| |
|
|
|
|
|
|
|
|
INWHWS |
= |
WRWHRP |
|
INCSPF |
= |
WRCSRP |
|
| |
|
0.42 |
-0.55 |
|
|
1.25 |
-0.62 |
| |
|
3.76 |
-2.95 |
|
|
3.80 |
-3.23 |
| |
|
|
|
|
|
|
|
|
INWHRT |
= |
WRWHRP |
|
INCSWS |
= |
WRCSRP |
|
| |
|
0.47 |
-0.34 |
|
|
0.31 |
-0.84 |
| |
|
3.60 |
-1.50 |
|
|
3.33 |
-3.78 |
| |
|
|
|
|
|
|
|
|
INRIIM |
= |
WRRIRP |
|
INBMEX |
= |
WRBMRP |
|
| |
|
0.67 |
-1.24 |
|
|
-0.06 |
-0.35 |
| |
|
3.16 |
-4.83 |
|
|
-0.12 |
-2.64 |
| |
|
|
|
|
|
|
|
|
INRIEX |
= |
WRRIRP |
|
INBMPF |
= |
WRBMRP |
|
| |
|
0.63 |
-0.31 |
|
|
3.57 |
-0.20 |
| |
|
0.94 |
-2.36 |
|
|
1.33 |
-1.14 |
| |
|
|
|
|
|
|
|
|
INRIPR |
= |
WRRIRP |
|
INBMWS |
= |
WRBMRP |
|
| |
|
0.21 |
-0.67 |
|
|
0.58 |
-0.57 |
| |
|
1.83 |
-4.28 |
|
|
1.60 |
-2.72 |
| |
|
|
|
|
|
|
|
|
INRIPF |
= |
WRRIRP |
|
INBMWS |
= |
INBMPF |
|
| |
|
0.64 |
-0.27 |
|
|
-0.18 |
0.35 |
| |
|
2.14 |
-1.56 |
|
|
-0.55 |
1.54 |
| |
|
|
|
|
|
|
|
|
INRIWS |
= |
WRRIRP |
|
INPMPF |
= |
WRPMRP |
|
| |
|
0.59 |
-0.30 |
|
|
4.22 |
-0.08 |
| |
|
2.87 |
-2.31 |
|
|
0.49 |
-0.81 |
| |
|
|
|
|
|
|
|
|
INRIRT |
= |
WRRIRP |
|
INPMWS |
= |
WRPMRP |
|
| |
|
0.21 |
-0.78 |
|
|
-0.09 |
-0.51 |
| |
|
1.20 |
-3.40 |
|
|
-0.20 |
-3.82 |
| |
|
|
|
|
|
|
|
|
INRIEX |
= |
INRIPR |
|
INPMRT |
= |
WRPMRP |
|
| |
|
2.75 |
-0.53 |
|
|
0.71 |
-0.33 |
| |
|
4.62 |
-3.44 |
|
|
2.82 |
-1.67 |
| |
|
|
|
|
|
|
|
|
INRIRT |
= |
INRIWS |
|
INPMWS |
= |
INPMPF |
|
| |
|
0.66 |
-1.19 |
|
|
-0.13 |
-0.46 |
| |
|
2.55 |
-4.40 |
|
|
-0.66 |
-2.41 |
| |
|
|
|
|
|
|
|
|
INMZIM |
= |
WRMZRP |
|
INPMRT |
= |
INPMWS |
|
| |
|
0.81 |
-0.62 |
|
|
0.88 |
-0.33 |
| |
|
1.94 |
-3.28 |
|
|
1.10 |
-1.67 |
| |
|
|
|
|
|
|
|
|
INMZPR |
= |
WRMZRP |
|
INMPIM |
= |
WRMPRP |
|
| |
|
0.60 |
-0.58 |
|
|
0.84 |
-0.77 |
| |
|
3.32 |
-3.06 |
|
|
2.17 |
-3.58 |
| |
|
|
|
|
|
|
|
|
INMZPF |
= |
WRMZRP |
|
INSYPF |
= |
WRSYRP |
|
| |
|
0.54 |
-0.79 |
|
|
-4.71 |
-0.50 |
| |
|
2.89 |
-3.27 |
|
|
-0.20 |
-3.32 |
see Table 1 for variables' names
* figures reported are the ADF coefficients and t values for the level of the residual of the static regression between the two variables reported on the left. This corresponds to the Engle and Granger (1987) test for cointegration
